Hong Kong and Beijing’s Exploration of Web3.0 A Dual Fusion of Innovation and Opportunity

Unleashing Potential Exploring Web3.0 through the Dynamic Collaboration of Hong Kong and Beijing

The Beijing Municipal Science and Technology Commission, Zhongguancun Science and Technology Park Management Committee, and Chaoyang District People’s Government recently co-hosted the Beijing Internet 3.0 Innovation and Ecological Development Conference. At the conference, the “Zhongguancun Internet 3.0 Industrial Park” was officially launched, becoming the first Internet 3.0 industrial base in China. The joint construction of the Hong Kong-China Internet 3.0 digital industry was also initiated, aiming to build the future Web3Hub (Web3.0 Fund) digital center.

In the era of Web3.0, technologies such as artificial intelligence, blockchain, and cloud computing are changing our lifestyle and business models. In this global competitive stage, Hong Kong and Beijing, as two iconic cities, are actively embracing Web3.0, exploring innovative paths for development, and ushering in a new era of the Internet.

Hong Kong: Innovation Ecosystem and International Perspective

As an international financial center, Hong Kong has unique advantages. The “Policy Statement on the Development of Virtual Assets in Hong Kong” announced last year emphasized the support and protection of the Hong Kong Special Administrative Region Government for virtual assets and related industries. Hong Kong’s Web3.0 development mainly revolves around fintech and an innovative ecosystem. Many financial institutions are actively exploring the applications of technologies such as blockchain and digital currency in the financial field, promoting innovation and development in fintech.

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Mr. Ngai Wai Chiu, National Committee Member of the Chinese People’s Political Consultative Conference and Member of the Legislative Council of the Hong Kong Special Administrative Region, revealed during the Beijing Internet 3.0 Innovation and Ecological Development Conference that Web3Hub was established in Hong Kong in March this year. As an accelerator focusing on Web3.0 technology, its goal is to incubate over 1,000 high-quality Web3.0 projects in Hong Kong.

“Web3.0 represents the technology of the next generation of the Internet and fintech. It will bring tremendous opportunities for traditional industries and is the key to the internationalization of the digital Hong Kong dollar in the future,” said Mr. Ngai Wai Chiu. He also mentioned that the official Web3Hub of Hong Kong has reached a strategic partnership with Cypherium, a Web3.0 technology infrastructure service provider. Through future cooperation with Cypherium, it aims to provide a platform and resources for Hong Kong’s technology innovators, promote the safe and effective development of Web3.0 in Hong Kong. Web3.0 is the technological foundation for the digital Hong Kong dollar and the stablecoin Hong Kong dollar, and it is crucial to maintain Hong Kong’s position as a global financial center. “We will provide full support for Web3.0 ecological construction in Hong Kong and the whole country with our infrastructure technology,” said Mr. Guo Yangrui, a technical expert from Cypherium.

Embracing Web3.0 is a historic opportunity for Hong Kong. The Hong Kong Special Administrative Region Government has also launched a series of policies, such as tax incentives and investment support, to encourage companies to engage in innovation and development related to Web3.0. Hong Kong’s universities and research institutions are also conducting in-depth research in areas such as blockchain and smart contracts, providing strong intellectual support for the development of Web3.0 technology.

Currently, the Hong Kong Monetary Authority has launched the Digital Hong Kong Dollar Pilot Program and will test applications in Web3 to promote the internationalization of the Digital Hong Kong Dollar. It is worth mentioning that Hong Kong’s international perspective provides a broad platform for the development of Web3.0. As an international financial center, Hong Kong can attract global investors, developers, and users to promote the global dissemination and application of Web3.0 technology.

Beijing: Beijing-Hong Kong Jointly Leading the Future

As the capital of China, Beijing has abundant technological resources and talent advantages. In the field of Web3.0, Beijing has demonstrated strong innovation capabilities and development potential. In May of this year, Beijing became the first city in China to release the “Beijing Internet 3.0 Innovation and Development White Paper (2023)”, which provides important guidance and support for the development of Web3.0 technology in China.

Beijing’s Web3.0 innovation mainly revolves around the entrepreneurial ecosystem and scientific research capabilities. Numerous startups and incubators provide a fertile ground for the innovation of Web3.0 technology. Regarding the current development of Internet 3.0 in Beijing, the White Paper mentions that Beijing has a clear advantage in key sectors such as artificial intelligence, blockchain, and communication networks. As of the end of 2022, Beijing has a total of 3,467 artificial intelligence companies, with 1,048 core enterprises, accounting for 29% of the total number of core artificial intelligence enterprises nationwide, ranking first in the country. As of February 2023, Beijing has 606 blockchain companies and 782 registered projects. As of March 2023, Beijing has built a total of 87,000 5G base stations, with 39.9 5G base stations per 10,000 people, ranking first in the country.

Many excellent startup companies are also flourishing in Beijing, driving the innovation and application of Web3.0 technology. At the same time, Beijing’s universities and research institutions have strong research and development capabilities in the field of Web3.0 technology. For example, Tsinghua University and Peking University, both well-known universities, have dedicated blockchain research centers, providing strong intellectual support for the development of Web3.0 technology.

The Beijing-Hong Kong Internet Web3.0 Digital Industry Co-construction Cooperation has a milestone significance. Beijing and Hong Kong will jointly promote the construction of the Web3Hub (Beijing) Digital Center, dedicated to building an Internet 3.0 industrial park integrating research and development, education, exchange, and application. This is not only a research and development center, but also a platform for deep communication and cooperation between the two parties.

Future Outlook: Cooperation and Win-Win

Since the beginning of this year, governments across the country have actively laid out the development of Internet 3.0, with more than 30 provinces and cities issuing supporting policies, especially Beijing, Shanghai, Hong Kong, Guangzhou, Hangzhou, and other cities. Among them, the Web3.0 development in Hong Kong and Beijing has its own characteristics and broad prospects for cooperation.

Through the Beijing-Hong Kong Internet 3.0 Digital Industry Co-construction Cooperation, Beijing, Hong Kong, and other cities are strengthening technological exchanges and investment cooperation to jointly promote the innovation and development of Web3.0 technology. In the future Internet era, Web3.0 will bring more opportunities and challenges. The cooperation and innovative development between Hong Kong and Beijing will provide important reference value for the progress of global Web3.0. (China Daily Beijing Reporter Du Juan)

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